Tech Dealmaker Awards

Perlman

Cambridge-based GreatPoint Energy Inc., developer of a catalytic technology that converts coal, petroleum coke and biomass into low-cost, clean, natural gas, announced the closing of a $100 million strategic equity round on Sept. 24, 2007. The funding round was co-led by Sustainable Development Investments, a unit of Citi Alternative Investments, and the Dow Chemical Co.

A portion of the $100 million will be used to further the research, development and commercialization of GreatPoint Energy’s technology. In addition, GreatPoint is building a $30 million feedstock testing facility, the Mayflower Clean Energy Center in Somerset, to screen potential feedstock and continue the investigation of process improvement opportunities. GreatPoint Energy also recently signed a framework agreement to build and operate a natural gas production facility that is expected to be located in Guangdong Province, China.

GreatPoint Energy expects to deliver its commercial product, called bluegas, to the market at a lower cost of production than new domestic drilled natural gas production and imported LNG.

GreatPoint president and CEO Andrew Perlman said the deal validates the company’s gasification process.

This was the third round of a three-part venture capital fundraising campaign that started in November 2005, when GreatPoint Energy secured $7 million in series A funding. In May 2006 the company announced its Series B funding round, which secured $30 million.

— Bridget Botelho

Category

Energy and the Environment

The Deal

GreatPoint Energy Inc. raises $100 million from Citi Alternative Investments and Dow Chemical Co.

Key Executives

Andrew Perlman, president and CEO of GreatPoint Energy; Daniel Goldman, executive vice president and CFO

Deal advisers

Investors: The Dow Chemical Co., Suncor Energy Inc., AES Corp., Peabody Energy, and major financial institutions and venture capital firms, including Kleiner Perkins Caufield & Byers, Khosla Ventures, Draper Fisher Jurvetson, Advanced Technology Ventures, and Citi’s Sustainable Development Investments

• Platinum Sponsor:
• Gold Sponsors: Capital Source
  Silicon Valley Bank
  TM Capital
  Vitale, Caturano & Co.
• Silver Sponsors: Capital IQ
  Citizens Bank
• Supporting Sponsors: Mass High Tech
  Preston Productions
  Trinity Communications

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